balance transfers

[okane]

I made some balance transfers that added up to about $10,000 to one credit card for lower interest rates. I did all this between March to June of 2005. Will this creditor object if I file bankrupty before 10/17/05? I have no disposable income to pay so I wanted to file a chapter 7 but maybe I should try to do a chapter 13 somehow?

[StaciMM]

I don't know if balance transfers would be the same issue as cash advances or luxury purchases. Worst case scenario, the June items are now 3 months old, the earlier ones older still.

You should cover this in a consult w/ an attorney. It may come down to how much of the transfer happened in the last month or so, and perhaps you could try to file at the last possible minute to allow a few extra weeks in there. You should probably speak to a couple of attorneys asap though.

I made some balance transfers that added up to about $10,000 to one credit card for lower interest rates. I did all this between March to June of 2005. Will this creditor object if I file bankrupty before 10/17/05? I have no disposable income to pay so I wanted to file a chapter 7 but maybe I should try to do a chapter 13 somehow?

[HHM]

Consult an attorney, but yes, usually a credit card will object to balance transfer if made within 6 months of filing BK, especially at that amount. However, whether the objections are successful depend on several factors.

[hhou812hh]

I made some balance transfers that added up to about $10,000 to one credit card for lower interest rates. I did all this between March to June of 2005. Will this creditor object if I file bankrupty before 10/17/05? I have no disposable income to pay so I wanted to file a chapter 7 but maybe I should try to do a chapter 13 somehow?

Been there, done that! I feel your pain! My atty said that they would deny mine for the same reason in either chapter. See if your local atty feels the same way. I notice a lot of people are rushing to beat the deadline and may get into deep trouble because of it. If you really have no disposable income based on IRS standards then just wait another six months or more and you should qualify under the new law. And yes I know the new law is expensive and has much more tests, but since you are in trouble now with a huge debt, you don't need anymore trouble then you already have by risking your bk being dismissed.

Good luck!

[wannabedebtfree]

We are filing around October 1st. We have two credit cards. One has a balance of around $8000. The majority of this is from balance transfers upon getting the card in May. We had no thoughts of filing bankruptcy at that point. Just thought we'd transfer to the 0% interest to save some money. Well, after reading these posts I'm concerned that this might hurt our Chpt 7. It will be over 90 days when we file, but I was reading 6 months here. I mentioned it today to the lawyer and they said it was hard to know what the credit card company would do. On our paper work we filled out they asked if we had gotten cash advances in the past 90 days. I'm just worried now. My husband says not to worry, we'll just do the best we can but it's hard not too. I was just trying to improve our financial situation and may have jeopardized it more!!

[accentone]

I did the same thing. Took out one of those "checks" they send in the mail, wrote it out for $6000 to my bank account, then paid off one card and the draft protection balance on my checking account (they were charing 21%!). By the time my lawyer files, it will have been 90 days. He told me not to worry about it, but I still do.